Champions stuvia 2024 - Study guides, Class notes & Summaries

The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in county clerk's office - ANSWER-(b) In writing If a contract has been entered into with a person who has been judged to be incompetent, that contract is considered ____________ because that person ne...

Champions Real Estate Finance Exam 2024 Questions and Answers 100% Verified Champions Real Estate Finance Exam 2024 Questions and Answers 100% Verified Champions Real Estate Finance Exam 2024 Questions and Answers 100% Verified _____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. -ANSWER- Closing The primary determinants of real estate values are supply and _____. -ANSWER- ...

One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominium (Resale) - ANSWER-A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit. New Home Contract (Completed Construction) - ANSWER-This contrac...

One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominium (Resale) - ANSWER-A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit. New Home Contract (Completed Construction) - ANSWER-This contrac...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining payment r...

mortgage Broker - ANSWERFunctions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ANSWERProvide their own funds for the purpose of providing mortgage financing Correspondent Lender - ANSWERSmaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ANSWERThe process of creating a new mortgage loan Underwrit...

Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER-fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER-90 days __________ extend above the surface without limitation. - ANSWER-air rights An example(s) of an appurtenance would be: - ANSWER-easements There is no upper limit on the value of a Texas homestead. - ANSWER-true A(n) __________ is one that combines some of the e...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining payment r...

Void Contract - ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract - ANSWER-A contract between two parties to commit an illegal act is a void contract. Elements of a Valid Contract - ANSWER-COLIC Competent Parties Offer and Acceptance (mutual consent) Legal Purpose In Writing (when required by law) Consideration Earnest Money - ANSWER-Not a requ...

mortgage Broker - ANSWERFunctions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ANSWERProvide their own funds for the purpose of providing mortgage financing Correspondent Lender - ANSWERSmaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ANSWERThe process of creating a new mortgage loan Underwrit...